Aditya Hadi Pratama · · 1 min readLivspace acquires fellow SG home decor firm (Updated)
Update (December 29, 5 pm): Clarified that Livspace acquired a majority stake in Qanvast.
Livspace, a Singapore-based home interior and renovation platform, has acquired a majority stake in Qanvast, another home decor firm in the country.
Livspace chief executive Anuj Srivastava / Photo credit: Livspace
According to a statement, the deal will help Qanvast scale in Singapore and expand to other countries by tapping into Livspace’s expertise and network.
Founded in 2013, Qanvast currently has a presence in Malaysia and Hong Kong, aside from its home country. To date, the company has partnered with over 300 design firms and brands and has served over 100,000 homeowners. It also has a database of 5,000 decoration reviews and 100,000 project images.
See also: The Amazon of home decor eyes profits for SG unit after breaking even in India
Meanwhile, Livspace was founded by an angel investor and former Google executive Anuj Srivastava in 2015. The company is headquartered in Singapore, but also has operation in India and Malaysia.
Livspace has raised more than US$200 million from Ikea’s Ingka Ventures, TPG Growth, Goldman Sachs, and EDBI. It has decorated more than 200,000 rooms and plans to launch operations in Saudi Arabia in early 2022.
Editing by Miguel Cordon and Jaclyn Tiu
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